Field of the Invention
The present invention is related generally mobile devices and in particular to determining device reputation for trust for electronic payments.
Description of Related Art
Financial institutions, payment solution providers and merchants incur billions in losses each year from credit card and e-payment fraud. Fraud is particularly high in world of ecommerce where no payment instrument (like a plastic credit card or check or cash) is actually presented for verification and the actual identity of the user performing the transaction is impossible to verify. Determining whether a payment transaction should be considered as trustworthy or as fraudulent is a complex process, which may include requiring the user to authenticate through a user identifier and a password/PIN.
However, such credentials can be spoofed or otherwise obtained by non-authorized users. With more and more users making transactions and payments electronically, especially through mobile devices like smart phones, a need exists to better determine the authenticity or trustworthiness of a transaction request made through a user device.